Chennai gold rate hits a high record
In Chennai, where gold became costlier 22k Gold Rs.2841 pre one gram at Rs.30,380 per ten gram and one sovegrn gold Rs.22728.
The rally in domestic market was due to steep increase of gold prices by USD 66 to USD 1,626 an ounce in New York, which normally sets price trend for India. And also rupee depreciation and high global prices have together impacted domestic gold rates.
If global prices continue to rise and rupee falls further to 57-58 against dollar, local gold prices could touch Rs.32,000 per ten grams.